Tipalti is designed to automate and manage payments to suppliers and other payees on a global basis. The Tilpalti app is cloud-based, and therefore can deal with any supplier or partner in the world where there is internet access. This includes not only small vendors in remote regions, but international banks that need to route your payments to business entities overseas.
Perhaps most importantly, Tipalti can help keep you from making illegal payments to people who are not cleared to receive money from overseas. Any time you make payments that cross international boundaries, you run the risk of triggering a watch alert and putting your business at risk. The Tipalti app helps eliminate that risk.
Let’s look at some of the key features of Tipalti.
The Tipalti app is built on an extensive database of knowledge about worldwide accounting, finance and taxes. This helps Tipalti manage your accounts payable on a global basis. This database has been built over years, and you couldn’t expect to have the detailed information it contains or be able to use it accurately.
Tipalti takes care of mass payouts in 190 countries. It reconciles all payments and creates financial reports that work with enterprise resource planning apps. Approximately 50% of payouts are automated. Those that are not automated are simple to execute and do the calculations for you.
Supplier Management Portal
Suppliers enter their own tax information through the supplier management portal and the Tipalti app verifies it through its Remittance Validation Engine. This engine contains over 26,000 compliance standards, gathered from worldwide sources. All transactions are measured against these sources and the appropriate adjustments are made.
Compliance with International Blacklists
When paying international payees, you must always be wary of issuing money to money launderers, terrorists, drug traffickers and other criminals. Tipalti scans payees using international blacklists and reduces the risk that you will violate any laws or regulations.
Broad Payment Avenues
The Tipalti app can pay in 120 currencies through PayPal, ACH, prepaid debit card, wire and bank transfer.
Tipalti utilizes advanced reporting to provide reconciliation reports. Adjustments are made for all tax rules, regional regulations and payment methods.
Tipalti stands alone as the only app that handles global payments in one cloud-based tool. This is for businesses that have international vendors, suppliers, partners and other business connections. Money changes hands smoothly and in the most compliant way.
The app handles multiple currencies and provides compliance with tax regulations and other regulatory issues in international jurisdictions. It handles tax forms of all kinds and adjusts payment requirements to fit with the demands of those forms. Tipalti is particularly adept at identifying regional and local regulations you might otherwise overlook, and adjusting payments to comply.
Because of this, Tipalti relieves much of the risk associated with inaccurate payments and violations of regulations. It provides you with complete transparency in your transactions, so that in the event a payment must be examined, you have a record of your actions.
The Tipalti app also has a deep knowledge base and great track record of making hassle-free international payments.
There are currently no mobile apps for Tipalti
Tipalti offers a free trial, but when you click the button, it is really a free tour. You can find it here.
The cost for Tipalti is $850 USD per month. In addition, you will pay a transaction fee that is based on the payment method you use. This price includes unlimited transactions, users, payees and countries.
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The Bottom Line
Today, businesses of all sizes must deal with suppliers, partners, vendors and other entities on a global basis. Some business owners claim they spend most of their time taking care of payments, with all the attendant regulations, rules, laws and taxes. Because Tipalti has an extensive set of data, it can coordinate payments with the appropriate oversight and make sure you are in compliance. In fact, it is unlikely you would know all the compliance measures necessary. You can free up a lot of time that should be spent growing your business instead of monitoring your payment process.